Rates “re-pricing” against this backdrop = cross-asset vol, due to ‘short convexity leveraged allocation strategies,’ and a macro trade dictated by the direction of one price input (USD) due to the central bank QE regime of NIRP, mega-asset purchases and vol suppression. As such, we see increasingly frequent “vol spasms” (SPX 5 day realized vol +100% in 3 sessions, which is pretty LOL-able).